Trading Idea within the downward correction of the EURUSD
Even though general trend of the EURUSD continues to be bullish, there is a likelihood of a downward correction during the day, because the trend has not able to close over a 61% retrenchment at 1.3833
We expect that throughout the day, a break below the key support at 1.3768 may trigger a bearish trend
Management and Description
Throughout the morning, there were a few impact of full European market moves. Within the afternoon we’re having data on retail sales in the USA, the index of real-estate prices Case Shiller and the data on consumer confidence. To manage the risk management position, we are going to open a half order position by making a rather tight stop loss.
Variables
Entry: Sell half order of EURUSD at 1.3768;
Stop: Buy EURUSD at 1.3789;
Target: The first target is 1.3753 where it will block half of the profits and we'll move the stop to the entry point. The 2nd target will be 1.3725;
Time-frame: Intraday.
EURUSD in short term
EURUSD in long term
Even though general trend of the EURUSD continues to be bullish, there is a likelihood of a downward correction during the day, because the trend has not able to close over a 61% retrenchment at 1.3833
We expect that throughout the day, a break below the key support at 1.3768 may trigger a bearish trend
Management and Description
Throughout the morning, there were a few impact of full European market moves. Within the afternoon we’re having data on retail sales in the USA, the index of real-estate prices Case Shiller and the data on consumer confidence. To manage the risk management position, we are going to open a half order position by making a rather tight stop loss.
Variables
Entry: Sell half order of EURUSD at 1.3768;
Stop: Buy EURUSD at 1.3789;
Target: The first target is 1.3753 where it will block half of the profits and we'll move the stop to the entry point. The 2nd target will be 1.3725;
Time-frame: Intraday.
EURUSD in short term
EURUSD in long term
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